Florida Premium Finance Company Surety Bond
The State of Florida Office of Insurance Regulation is responsible for compliance, regulation and enforcement of statutes related to the business of insurance, which also includes the licensing of Premium Finance Companies. Further details can be found in the Florida Statutes Chapter 627.826 627.849 defines the premium finance company licensing requirements.
Surety Bond and License Requirements:
- Complete the Premium Finance Company application and submit payment of licensing fee.
- Submit payment of the required Investigation Fee.
- Provide copies of Articles of Incorporation, Certificate of Status from State of Domicile, Company Bylaws, Certificate of Status and Fictitious Name Filing if any.
- The business must maintain a statutory net worth of $35,000 or instead, a $35,000 surety bond will be required as well as maintaining a statutory net worth of $10,000. Instead of a surety bond, a $35,000 deposit can be made and held by the Bureau of Collateral Management.
- Applicants must maintain an Error and Omissions insurance policy with minimum $500,000 coverage of its employees and agents.
- Submit an operations plan.
- Submit fingerprints for each officer, director and shareholder with 10% or more ownership.
- Provide a statement which lists managerial experience.
- Provide a list of the directors, shareholders, and officers and their biographical statements if holding 10% or more ownership. A background report will be conducted on owner listed.
- Submit sample copies of forma and rates.
- Provide current financial statements of parent and affiliate companies.
How Much Will This Bond Cost?
The premium that you pay for a Florida Premium Finance Company Surety Bond is dependent on credit.
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
For a downloadable application